Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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As of 22 September 2023 the numbers below reflect the significant Shareholders in the Company
(I know they're a little out of date, but it's the latest published - we know Blue Coast PE have added since then)
Directors and Families - 13.1%
Major Shareholders inc Gresham House, Concord, and Tellworth (excluding Blue Coast PE) - 49.3%
Blue Coast PE - 19.9%
Others including Minor II and Retail - 17.7%
The last RNS regarding share purchases by Blue Cost PE shows that they now control 23.9%, but we don't know who they purchased the latest 4% from - probably those owning under 3% to start with. It does tell us however that they are increasing their share ownership at pace, buying a further 4% of the company in only 3 months. They have a (probably not-so) long term plan.
Given that Blue Coast can't vote on any takeover proposal they put forward, it effectively increases the other shareholdings by circa 20% for voting purposes, so the Majors control circa 60% and the Directors 16%. That's over 75% combined, so they have the power to make any attempt to take the company private viable, but also the ability to make sure it doesn't happen on the cheap.
There are 2 observations I'm going to make:
1) Blue Coast will need several friends if they're serious. They can't do it on their own, I don't think hostile will work.
2) Anyone involved in the Kin & Carta debacle over the last couple of months will have learnt that the opening offer is meaningless and if you sell out too quickly it'll cost you. The first bid unbelievably recommended by the KCT BoD was a very lowball 110p (for a company that had been in the mid 200s only 12 months before), but the major shareholders kicked back and it was quickly raised to 120p. A new suitor then appeared and offered 130p so the BoD changed horses - the saga continues, but if you sold at 110p you'd be counting the cost of your impatience. The moral of the story is at least see the story through to somewhere near the end, if Blue Coast somehow get the EMAN BoD to accept south of 100p it certainly doesn't mean the big boys will take it lying down. I can see 100% upside from here.
Draft - I think that if they want to take EMAN private then they would need to satisfy 75% of the remaining 70% of the shareholders (assuming they get to 30% themselves). Correct me if I'm wrong.
I can't see them doing that at 60-70p. I expect the share price go back above 100p as a minimum to satisfy any large shareholders as most will have been here a while.
I do agree though that taking it private will be their eventual aim, and that if it happens in the next 2 years then anyone with an average over 150p won't be seeing a profit.
Https://www.screendaily.com/news/uks-everyman-acquires-tivoli-cinemas-from-empire/5188823.article
This will be the uks next big cinema chain in every town
Edging up a little more today. Had a three cycle pullback in the last four weeks which is just what i like to see before a likely rebound. Nice MACD buy signal looks about to be triggered in the bullish half of the scale. Histogram bars rising as the two averages start to converge ahead of the buy crossover. Looking more interesting by the day.
Well its quite clear this will be taken private by bluecoast. sad for retail holders here, well underwater
Chart looks good, a 2nd higher low now after the first one in Mid October. Either they're going to take it private or its going up anyway. Market is undervaluing this one. I've added to stake today.
Surprised no one has commented, or maybe no one has noticed. Blue Coast ups stake again.........800,000 shares taking their holding to 23.8% now.
Https://www.sharesmagazine.co.uk/news/shares/everyman-media-shares-buck-trend-as-leading-shareholder-adds-to-stake
https://www.suffolknews.co.uk/bury-st-edmunds/news/job-vacancies-advertised-as-branding-appears-on-town-s-new-c-9336956/
Https://www.suffolknews.co.uk/bury-st-edmunds/news/another-step-forward-in-plans-for-town-centre-cinema-9337205/
hmmmm their comms here to shareholders are crap.
Probably take it private
…and some more.
Starting to look like when and not if.
Bluecoast have always been topping up - the risk is they take eman private
That's an interesting purchase. BlueCoast / Mr Rosehill obviously think this is a steal in the low 50s.
Share price used to be much higher, been dragged down by mms for no reason
Nice Director purchase, but jeez this needs some help from somewhere - maybe it's just suffering from being in the same industry as cineworld?
I still think it's very solid little company in a bit of a niche. A long term hold like the vast majority of my portfolio is becoming :-)
Share price was so much higher before, this is ludicrous
Https://www.mymarlow.co.uk/2023/09/marlows-everyman-cinema-opening/
Test post